Financial Performance - Revenue for 2023 reached RMB 151.30 billion, a year-on-year increase of 24.78%[15] - Net profit attributable to shareholders of the listed company in 2023 was RMB 11.33 billion, up 45.25% year-on-year[15] - Net cash flow from operating activities in 2023 surged to RMB 19.86 billion, a 250.52% increase compared to the previous year[15] - Total assets at the end of 2023 amounted to RMB 190.17 billion, a 30.21% increase from the previous year[16] - Equity attributable to shareholders of the listed company at the end of 2023 was RMB 71.85 billion, up 14.31% year-on-year[16] - Non-recurring gains and losses in 2023 totaled RMB 7.55 billion, primarily driven by a RMB 5.02 billion gain from a non-controlling business merger[21] - Q4 2023 revenue was RMB 43.09 billion, with a net profit attributable to shareholders of RMB 1.45 billion[20] - Basic earnings per share in 2023 were RMB 1.15, a 43.75% increase from the previous year[15] - Weighted average return on equity in 2023 was 16.55%, up 3.48 percentage points year-on-year[15] - Total revenue reached 151.298 billion yuan, a year-on-year increase of 24.78%[44] - Net profit attributable to shareholders was 11.327 billion yuan, up 45.25% year-on-year[44] - Revenue for 2023 reached RMB 150 billion, a 12% increase year-over-year[90] - Net profit for the year was RMB 8.5 billion, up 15% compared to the previous year[90] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 3.43 yuan per 10 shares, based on a total share capital of 9,917,289,033 shares[4] - The company announced a cash dividend of RMB 3.43 per 10 shares, totaling RMB 3.40 billion, representing 30.03% of the net profit attributable to shareholders, with a year-on-year increase of 45.31%[93] - Cash dividend amount (including tax) is RMB 3,401,630,138.32, with a dividend ratio of 100% of the total profit distribution[133][134] - The company's distributable profit is RMB 44,297,589,798.86[134] - The company's 2023 profit distribution plan was approved by the 19th meeting of the 9th Board of Directors and will be submitted to the 2023 Annual Shareholders' Meeting for review[134] Subsidiaries and Acquisitions - The company's subsidiaries include Nanjing Changan, Hebei Changan, and Hefei Changan, among others[7] - The company completed the acquisition of Changan New Energy, resulting in a one-time investment gain of RMB 5.02 billion in Q1 2023[21] - The company completed the acquisition of 51% equity in Deep Blue Automotive Technology Co., Ltd., increasing its ownership to 51.00%[144] - The company completed the acquisition of Shenlan Automotive Technology Co., Ltd., increasing its shareholding to 51.00% and consolidating it as a subsidiary[173] - The company completed the acquisition of Shenlan Automobile, increasing its shareholding from 40.66% to 51.00%, and included it in the consolidated financial statements starting from February 2023[187] Stock and Shareholder Information - The company's stock is listed on the Shenzhen Stock Exchange with stock codes 000625 and 200625[8] - The total number of shares decreased from 9,921,799,422 to 9,917,289,033 due to the repurchase and cancellation of restricted shares[190] - The company's restricted shares decreased from 675,775,474 to 104,805,899, with a significant reduction in state-owned legal person shares from 515,311,738 to 0[189] - The company's unrestricted shares increased from 9,246,023,948 to 9,812,483,134, with RMB ordinary shares increasing from 7,604,409,171 to 8,170,868,357[189] - The company's non-publicly issued restricted shares totaling 515,311,738 became tradable on November 7, 2023[190] - The company's A-share restricted stock incentive plan saw 44,275,061 shares become tradable on March 6, 2023, and 7,366,678 shares on January 2, 2024[189] - The company's restricted shares related to equity incentives decreased by 4,510,389 shares due to repurchase and cancellation[196] - The total number of ordinary shareholders at the end of the reporting period is 451,892[198] - China Changan Automobile Group Co., Ltd. holds 17.98% of the shares, totaling 1,783,090,143 shares[198] - China South Industries Group Corporation holds 14.23% of the shares, totaling 1,410,747,155 shares[198] - Southern Industrial Asset Management Co., Ltd. holds 4.60% of the shares, totaling 456,253,257 shares, with a decrease of 49,990,000 shares during the reporting period[198] - China Securities Finance Corporation Limited holds 4.30% of the shares, totaling 426,362,905 shares[198] - Hong Kong Central Clearing Limited holds 2.37% of the shares, totaling 235,386,954 shares, with an increase of 92,260,045 shares during the reporting period[198] - Shen Yanjun, an individual shareholder, holds 0.35% of the shares, totaling 35,003,248 shares, all of which are newly acquired during the reporting period[198] - The top 10 shareholders include China South Industries Group Corporation and its wholly-owned subsidiaries, which are considered acting in concert under the "Administrative Measures for the Acquisition of Listed Companies"[199] - The top 10 shareholders with unrestricted shares include China Changan Automobile Group Co., Ltd., holding 1,783,090,143 shares of RMB ordinary shares[199] - Shen Yanjun holds 35,003,248 shares through a margin trading account with GF Securities Co., Ltd.[199] New Energy and Innovation - New energy vehicle (NEV) sales in China reached 9.495 million units, a significant year-on-year growth of 37.9%[23] - NEV exports exceeded 1.2 million units, a year-on-year increase of over 70%[23] - Changan's self-owned brand NEV sales reached 474,000 units, a 74.8% year-on-year growth[25] - Changan is actively developing five self-owned brands: Avatr, Deepal, Changan Qiyuan, Changan Gravity, and Changan Kaicheng, focusing on NEV transformation[29] - The company's new energy "Shangri-La" plan has reached a new level, with the establishment of three intelligent electric vehicle brands: Avatr, Deepal, and Changan Qiyuan, laying the foundation for future global competition[30] - The joint venture with CATL, Times Changan Power Battery Co., Ltd., has officially started production with a designed capacity of 30GWh and an automation rate of over 95%[30] - Avatr 12 achieved over 20,000 pre-orders in its first month, with an average order price exceeding 350,000 RMB, solidifying its position in the high-end market[31] - Deepal S7 achieved monthly sales of over 5,000 units and won 6 category championships in the 2023 Qinghai Lake (International) Electric Vehicle Challenge[31] - Changan Qiyuan launched three new models within two months, achieving cumulative sales of 40,000 units in three months[32] - Changan Lumin sold over 144,000 units in 2023, ranking among the top in its segment[32] - The company plans to launch 8 new energy products in 2024, including E07, C798, Deep Blue G318, and Avatr 15[36] - The company's new energy vehicle sales revenue in 2023 was RMB 38.545 billion[41] - The company's self-developed CTP battery achieved mass production with an integration rate of over 76%[160] - The company's self-developed hybrid electric drive achieved mass production with a maximum efficiency of 95%[160] - The company's second-generation hydrogen fuel engine achieved near-zero emissions[160] Sales and Market Performance - China's automobile industry achieved a total sales volume of 30.094 million units in 2023, a year-on-year increase of 12.0%[23] - Passenger vehicle sales reached 26.063 million units, up 10.6% year-on-year, while commercial vehicle sales surged to 4.031 million units, a 22.1% increase[23] - Changan Automobile achieved total sales of 2.553 million units in 2023, an 8.8% year-on-year increase[25] - Changan's export sales reached 358,000 units, a 43.9% year-on-year increase[25] - Domestic sales in 2023 reached 2,194,598 units, a year-on-year increase of 4.66%[38] - Overseas sales in 2023 reached 358,454 units, a year-on-year increase of 43.86%[38] - Overseas sales reached 358,000 units, a year-on-year increase of 43.9%[43] - Overseas revenue accounted for 13.57% of total revenue, reaching 20.536 billion yuan, a year-on-year increase of 53.13%[46] - Sales volume of automobiles reached 2,553,052 units, a year-on-year increase of 8.82%[50] - Production volume of automobiles reached 2,583,215 units, a year-on-year increase of 12.39%[50] - Inventory volume of automobiles reached 66,387 units, a year-on-year increase of 20.92%[50] - Revenue from the Chinese market accounted for 86.43% of total revenue, reaching 130.761 billion yuan, a year-on-year increase of 21.25%[46] - Revenue from the dealer sales model accounted for 87.82% of total revenue, reaching 132.864 billion yuan, a year-on-year increase of 28.11%[46] - Total vehicle sales for 2023 were 2.3 million units, a 10% growth from 2022[90] - Market share in China increased to 8.5%, up from 7.8% in 2022[90] - New energy vehicle sales accounted for 15% of total sales, reaching 345,000 units[90] - International market expansion contributed 10% to total revenue, up from 7% in 2022[90] R&D and Innovation - The company has 9,322 patents, including 2,704 invention patents, as of December 2023[42] - The company's R&D capabilities have ranked first in the industry for 14 years in the National Enterprise Technology Center evaluation[42] - The company has completed 72 QCA certification audits and 87 supplier laboratory recognitions in 2023[40] - R&D expenses increased by 38.57% to 5.98 billion yuan, primarily due to the consolidation of Shenlan Automotive's R&D expenses[56] - The number of R&D personnel increased by 38.90% to 10,972, with a significant increase in master's degree holders by 67.03%[58] - Total R&D investment reached 9.01 billion yuan, a year-on-year increase of 58.64%, accounting for 5.95% of total revenue[58] - R&D investment for 2023 was RMB 5 billion, representing 3.3% of total revenue[90] Corporate Governance and Leadership - The company's controlling shareholder has undergone changes, with the latest being China Changan Automobile Group Co., Ltd., which was renamed in 2019[12] - The company's auditor is Lixin Certified Public Accountants, located at 61 East Nanjing Road, Shanghai[13] - The company's sponsor for the 2020 private placement was CITIC Securities, with continuous supervision until December 31, 2021[14] - The company has established a comprehensive financial management system, ensuring the safety of company assets and the quality of accounting information, with no significant defects in financial reporting internal controls[94] - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance[95] - The 2022 annual general meeting had a 50.620% investor participation rate, held on June 28, 2023[97] - The 2023 first extraordinary general meeting had a 40.107% investor participation rate, held on July 27, 2023[97] - The 2023 second extraordinary general meeting had a 39.109% investor participation rate, held on September 15, 2023[97] - The company has optimized its board of directors and established specialized committees to enhance decision-making efficiency and governance effectiveness[94] - The company has implemented reforms to the independent director system, revising relevant rules to support their role in decision-making and supervision[94] - The company has a clear profit distribution policy, with a focus on shareholder returns and long-term sustainable development[93] - The total compensation for directors, supervisors, and senior management in 2023 amounted to RMB 5,321,552, including RMB 30,500 in personal share increases[101] - Klaus Zyciora was appointed as Vice President on October 7, 2023, due to work requirements[102] - Tan Benhong was appointed as Deputy Party Secretary and recognized as a senior management member on October 24, 2023[102] - Zhang Xiaoyu was appointed as Executive Vice President on December 1, 2023, due to work requirements[102] - Deng Chenghao was appointed as Vice President on December 1, 2023, due to work requirements[102] - The company's board of directors, supervisors, and senior management underwent several changes in 2023, with new appointments and elections to meet operational needs[102] - The company's senior management team includes multiple executive vice presidents and vice presidents, with compensation ranging from RMB 171,990 to RMB 353,080[100] - The company's independent directors and supervisors have terms extending until 2026, with some members having served since 2018[100] - The company's leadership team includes a mix of experienced and newly appointed members, reflecting a balance of continuity and fresh perspectives[100] - The company's financial and governance structure remains stable, with key leadership positions filled by experienced professionals[100] - Shi Yaoxiang was elected as a director on January 30, 2024, due to work requirements[103] - Hua Dumiao was dismissed as the discipline inspection secretary on March 3, 2023, due to work changes[103] - Zhou Kaiquan left his position as a director on May 30, 2023, due to work changes[103] - Lian Jian retired as the chairman of the supervisory board on May 31, 2023, having reached the statutory retirement age[103] - Xian Zhigang and Liu Gang left their positions as directors on July 27, 2023, due to election rotation[103] - Ren Xiaochang and Wei Xinjiang completed their terms as independent directors on July 27, 2023, after six years[103] - Yuan Mingxue was dismissed as the deputy party secretary on October 24, 2023, due to work changes[103] - Tan Benhong was dismissed as the executive vice president on October 24, 2023, due to work changes[103] - Zhang Xiaoyu was dismissed as the vice president on December 1, 2023, due to work changes[103] - Zhang Bo left his position as a director on December 26, 2023, due to work changes[103] - Wen Hong, Chairman of the Supervisory Committee, holds the position of Deputy Director and Senior Executive at the Southwest Regional Department of China Ordnance Equipment Group[108] - Sun Dahong, Supervisor, serves as Deputy Director and Senior Executive in the Audit, Risk Control, and Legal Department of China Ordnance Equipment Group[108] - Shi Shengwei, Employee Supervisor, currently works as a Discipline Inspection Officer in the Supervision Office of the Discipline Inspection Department[108] - Luo Yan, Employee Supervisor, is a Senior Supervisor at the Jiangbei Sub-center of the Shared Service Center in the Human Resources Department[108] - Tan Benhong, Deputy Party Secretary and Chairman of the Labor Union, also serves as the General Manager of the Changan Learning Center[110] - Pu Xingchuan, Secretary of the Discipline Inspection Commission and Director of the Inspection Work Leading Group Office, holds a Master's degree and is a Senior Economist[110] - Ye Pei, Executive Vice President and General Manager of the Changan Brand Division, has a Master's degree and is an Engineer[110] - Chen Wei, Executive Vice President and Chief Legal Officer, also serves as a Director of Changan Ford Motor Co., Ltd. and China Changan Automobile Group Co., Ltd.[110] - Li Mingcai, Executive Vice President and Representative of the Two-Integration Management, holds a Master's degree and has extensive experience in international business development[110] - Yang Dayong, Executive Vice President, also serves as a Director and Executive Vice President of Changan Ford Motor Co., Ltd., and is the Chairman and President of Changan Ford New Energy Vehicle Technology Co., Ltd.[110] - Total remuneration for directors, supervisors, and senior management in 2023 was RMB 34,385,715[115] - Chairman and Party Secretary Zhu Huarong received a pre-tax remuneration of RMB 2,634,743[116] - President and Deputy Party Secretary Wang Jun received a pre-tax remuneration of RMB 2,634,743[116] - Chief Financial Officer and Board Secretary Zhang Deyong received a pre-tax remuneration of RMB 2,124,651[116] - Independent directors received a remuneration of RMB 153,333 each, except for Li Keqiang who voluntarily waived his allowance[115][116] - Executive Vice Presidents received pre-tax remunerations ranging from RMB 1,980,569 to RMB 2,217,536[116] - Vice President Klaus Zyciora received a pre-tax remuneration of RMB 938,697[116] - Board Secretary Li Jun received a pre-tax remuneration of RMB 979,198[117] - Former Deputy Party Secretary

公司研究 | 动态跟踪 长安汽车 000625.SZ 买入 （维持） 自主新能源车及海外出口均实现较高增长 股价（2024年04月12日） 17.95元 目标价格 21.85元 52周最高价/最低价 21.48/10.7元 总股本/流通A股（万股） 991,729/985,562 A股市值（百万元） 178,015 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 长安汽车前3月销量同比增速略好于行业平均水平。长安汽车2024年3月整体销量 报告发布日期 2024年04月13日 25.90万辆，同比增长5.7%，环比增长 69.6%，环比增长主要系2月春节低基数影 响；1-3 月累计整体销量 69.21 万辆，同比增长 13.9%。根据乘联会初步统计，1-3 月全国乘用车市场批发/零售销量分别同比增长10%/13%，长安汽车1-3月累计销量 1周 1月 3月 12月 同比增速略微优于行业平均水平。 绝对表现% 2.45 12.61 23.2 56.04 相对表现% 5.03 15.99 17.36 71.21 ⚫ 3 月自主海外及新能源销量持续高速增长。3 月长安自主品牌乘用车销量 15.69 万 沪深30 ...

证券研究报告·公司点评报告·乘用车 长安汽车（000625） 3 月销量同比+6%，智能化/全球化持续推进 2024 年 04月 10日 买入（维持） 证券分析师 黄细里 [Table_EPS] 执业证书：S0600520010001 盈利预测与估值 2021A 2022A 2023E 2024E 2025E 021-60199793 营业总收入（百万元） 105,142 121,253 159,052 228,066 268,951 huangxl@dwzq.com.cn 同比 24.33% 15.32% 31.17% 43.39% 17.93% 证券分析师 杨惠冰 归母净利润（百万元） 3,552 7,798 10,884 9,263 11,585 执业证书：S0600523070004 同比 6.87% 119.52% 39.56% -14.89% 25.08% yanghb@dwzq.com.cn EPS-最新摊薄（元/股） 0.36 0.79 1.10 0.93 1.17 股价走势 P/E（现价&最新摊薄） 53.54 24.39 17.48 20.54 16.42 [ [TT aab bl le ...

公 司 研 究 [Table_Reportdate] 2024年04月09日 [Table_invest] [长Tabl安e_N汽ewT车itle] （000625）：3月销量扭转向 买入（维持） 公 上，多品牌上新开启强产品周期 报告原因：事件点评 司 ——公司简评报告 简 评 [证Ta券b分le析_A师u thors] [table_main] 投资要点 黄涵虚 S0630522060001 hhx@longone.com.cn Ø 事件：长安汽车发布2024年3月产销快报。公司3月汽车批发销量为25.90万辆，同环比分 汽 联系人 别+5.73%/+69.64%，2024年Q1累计批发销量69.21万辆，累计同比+13.87%。其中，自 车 陈芯楠 cxn@longone.com.cn 主乘用车3月批发销量为15.69万辆，同环比分别+2.06%/+87.36%，2024年Q1累计批发销 量为43.73万辆，同比+10.43%；长安福特3月批发销量为2.15万辆，同环比分别 [数Ta据b日le_期co minfo] 2024/04/09 +38.83%/+63.05%，2024年Q1累计销量为5.56万 ...

产品力强+出口持续突破，24年 3月销量同比稳增 长安汽车(000625.SZ)/汽车 证券研究报告/公司点评 2024年4月9日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） 公司盈利预测及估值 市场价格：17.84元 指标 2021A 2022A 2023E 2024E 2025E 分析师：何俊艺 营业收入（百万元） 105,142 121,253 150,651 217,891 277,031 执业证书编号：S0740523020004 增长率yoy% 24% 15% 24% 45% 27% 净利润（百万元） 3,552 7,798 8,219 9,210 11,390 分析师：刘欣畅 增长率yoy% 7% 120% 5% 12% 24% 执业证书编号：S0740522120003 每股收益（元） 0.36 0.79 0.83 0.93 1.15 分析师：毛䶮玄 每股现金流量 2.32 0.57 1.80 2.68 2.64 执业证书编号：S0740523020003 净资产收益率 6% 12% 12% 12% 13% Email：hejunyi@zts.com.cn ...

公 汽车 司 2024年04月 08日 报 长安汽车(000625.SZ) 告 新能源和海外市场高增长，一季度产销实现开门红 强烈推荐（维持） 事项： 公司发布2024年3月产销快报。3月份公司销量25.9万台（同比+5.7%），自 股价：17.93 元 主新能源车销量5.3万台（同比+47.5%）。一季度公司销量达到69.2万台（同 比+13.9%），其中自主乘用车销量43.7万台（同比+10.4%），自主新能源车销 公 主要数据 量12.9万台（同比+52.4%）。 司 平安观点： 行业 汽车 事 公司网址 www.changan.com.cn  一季度公司新能源和海外市场实现同比高增，产销量实现开门红。根据公 大股东/持股 中国长安汽车集团有限公司/17.98% 司公布的产销数据显示，2024年一季度公司实现销量69.2万台，同比增 项 实际控制人 国务院国有资产监督管理委员会 长13.9%，公司在新能源车和海外市场均实现较快速度增长，一季度自主 点 总股本(百万股) 9,917 品牌新能源车销量达到 12.9 万台，同比增长 52.4%，其中，长安启源一 流通A股(百万股) 8,214 评 流通B/ ...

长安汽车（000625.SZ）系列点评五 销量表现亮眼 阿维塔焕新上市 2024年04月08日 ➢ 事件概述：公司发布3月产销快报： 推荐 维持评级 3月汽车批发销量为25.9万辆，同比+5.7%，环比+69.6%；2024Q1累计批发 当前价格： 17.52元 销量 69.2 万辆，同比+19.4%。自主乘用车 3 月批发销量为 15.7 万辆，同比 +14.1%，环比+30.7%；2024Q1累计批发销量43.7万辆，同比+10.4%；长安 福特3月批发销量为2.1万辆，同比+38.8%，环比+63.0%；2024Q1累计批发 [Table_Author] 销量5.7万辆，同比+24.1%；长安马自达3月批发销量为0.6万辆，同比+2.0%， 环比+55.0%；2024Q1累计批发销量1.9万辆，同比+38.8%。 ➢ 3 月批销表现亮眼 新能源、出口高增。2024 年 3 月公司自主乘用车批发 15.7万辆，同比+5.7%，环比+69.6%；2024Q1累计批发销量43.7万辆，同比 +10.4%。受益终端需求回暖及公司主动补库，3月批发销量表现亮眼。新能源方 面，3月自主新能源批发销量为5.3万辆，2 ...

[Table_Main] 证券研究报告 | 公司点评 长安汽车(000625.SZ) 2024年04月08日 长安汽车(000625.SZ)：3 月汽车 买入（维持） 所属行业：汽车/乘用车 销量同环比提升，阿维塔 12 2024 当前价格(元)：17.93 款焕新上市 证券分析师 邓健全 资格编号：S0120523100001 投资要点 邮箱：dengjq＠tebon.com.cn 赵悦媛 事件：长安汽车公布3月销量。3月，长安汽车实现汽车销量25.9万辆，同比+5.7%， 资格编号：S0120523100002  环比+69.6%。其中，长安自主品牌销量达22.1万辆，同比+5.6%，环比+74.4%； 邮箱：zhaoyy5＠tebon.com.cn 自主乘用车销量15.7万辆，同比+2.1%，环比+87.4%。此外，3月自主品牌海外 赵启政 销量3.3万辆，同比+39.9%，环比+14.6%；自主品牌新能源销量5.3万辆，同比 资格编号：S0120523120002 +47.5%，环比+128.2%。 邮箱：zhaoqz＠tebon.com.cn 研究助理 深蓝、阿维塔3月交付同环比向上，启源A07真 ...

证券研究报告 公 2024年04月08日 司 报 告 长安汽车(000625) │ 行 业： 汽车/乘用车 公 投资评级： 司 当前价格： 17.52元 点 新能源表现强劲，海外销量占比持续提升 目标价格： 评 研 事件： 究 基本数据 4月7日，公司发布3月产销快报：长安汽车2024年3月批发销量25.9万 总股本/流通股本(百万股) 9,917.29/9,854.23 辆，同比增长5.73%，Q1累计批发销量69.2万辆，同比增长13.87%。 流通A股市值(百万元) 143,909.36 ➢ 3月销量环比提升显著，一季度同比高增 每股净资产(元) 7.09 公司2024年3月实现批发销量25.9万辆，同比增长5.73%，环比增长70%， 资产负债率(%) 60.40 一季度共实现批发销量 69.2 万辆，同比增长 13.87%；其中自主品牌 3 月 一年内最高/最低(元) 21.48/10.88 销量22.1万辆，同比增长5.59%，环比增长74%，一季度共实现销量58.9 万辆，同比增长 13.57%；自主品牌乘用车 3 月销量 15.7 万辆，同比增长 股价相对走势 2.06%，环比增长87%，一季 ...

[Table_Title] 证券研究报告 长安汽车（000625.SZ）：深蓝加入华为 HI 合 公司研究 作模式，硬派越野深蓝 G318 发布 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月21日 [长Ta安bl汽e_车Sto c(k0A0n0dR6a2n5k)] [T事ab件le：_S在um 3ma月ry 1] 6 日召开的2024 中国电动汽车百人会论坛上，余承东表示 投资评级 买入 继阿维塔之后，长安深蓝也将加入HI合作模式；3月18日，硬派越野深蓝 上次评级 买入 G318正式发布亮相。 [陆Ta嘉b敏le _ A u t汽ho车r]行 业首席分析师 点评： 执业编号：S1500522060001 ➢ 硬派越野深蓝 G318 发布，多品牌新车布局稳步推进。3 月18 日，深 联系电话：13816900611 蓝G318正式发布亮相，采用承载式底盘和硬派SUV 风格设计，将搭 邮 箱：lujiamin@cindasc.com 载新蓝鲸增程动力系统，提供单电机和双电机四驱版本，对标坦克400 Hi4-T、方程豹 5 等自主硬派 SUV。根据皆电微 ...